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Live's MIDI effects are versatile on their own - and even more useful in combination. Using the Chord effect, we'd normally expect to hear a one-note chord, transposed according to the root (triggered) note. Add an Arpeggiator to the mix, however, and you get some more complex results - check out this tutorial from Certified Trainer Keith Mills at Quantize Courses for more:

Take things a step further and learn how to edit your new sequence in the piano roll view, while staying in-key: